Hammerson, a leading European property development and investment company, has just acquired Wrekin Retail Park, Telford, for £42 million.

Telford: Wrekin Retail Park - © Chris Downer and licensed for further reuse under Creative Commons Licence - http://creativecommons.org/licenses/by-sa/2.0/

The 13,500m² (145,261 ft²) retail park is fully let to nine retailers including Asda Living, Boots, Homebase and Matalan. Gross rental income is £2.6 million each year with an average unexpired lease term of over 10 years. Average rents are approximately £18 per square foot.

Wrekin is located to the west of Telford town centre, beside junction 6 of the M54, thus benefiting from excellent transport links. The primary catchment population is around 270,000.

David Atkins, Chief Executive of Hammerson said: "Retail Parks represent a significant part of our portfolio. They remain in demand from our occupiers and their customers thanks to their convenience, accessibility and affordability for tenants.”

Hammerson plans to improve the retail park with the addition of further high quality brands and an increase in the catering offer.